Iraqi-Kittitian network penalized for illegal oil trading with Iran, resulting in a financial loss of $300 million due to US sanctions.
The U.S. Treasury Department has taken action against an oil smuggling network led by Iraqi-Kittitian businessman Waleed Khaled Hameed al-Samarra'i. The network, which operates through nine Liberia-flagged vessels and two UAE-based companies, is accused of blending Iranian oil with Iraqi crude to evade international sanctions.
The sanctions, imposed under Executive Order 13902, target operators in Iran's petroleum and petrochemical sectors as part of a "maximum economic pressure" campaign against Tehran. The vessels coordinating with al-Samarra'i's network conduct ship-to-ship transfers with U.S.-sanctioned tankers affiliated with Iran's shadow fleet.
The Treasury action builds on previous sanctions imposed in July, targeting a similar network led by Salim Ahmed Said. The scheme covertly blends Iranian oil with Iraqi crude through ship-to-ship transfers and at Iraqi ports. The blended product is then marketed as purely Iraqi oil to circumvent international sanctions, generating approximately $300 million annually for Iran and its partners.
The sanctions are aimed at degrading the regime's ability to carry out attacks against the United States and its allies. They also aim to counter Iran's influence in Iraq, with the Treasury's Office of Foreign Assets Control stating that Iraq cannot become a safe haven for terrorists.
Foreign financial institutions risk secondary sanctions for facilitating transactions with the network. American citizens and companies are prohibited from conducting business with the designated individuals and entities. The sanctions do not affect the sale of food and medicine to Iran.
Iran's President Pezeshkian has signed a law suspending cooperation with the IAEA, adding to the geopolitical tensions in the region. However, Türkiye has expressed support for Iran's nuclear negotiations, as stated by President Erdogan at the SCO summit.
The Treasury Secretary, Scott Bessent, has stated that the sanctions are aimed at targeting Iran's oil revenue stream. The search results do not contain relevant information about any company using Liberia-flagged ships conducting ship-to-ship transfers with Iranian vessels in the Arabian Gulf or Iraqi ports.
This is a developing story and will be updated as more information becomes available.
Read also:
- Impact of Alcohol on the Human Body: Nine Aspects of Health Alteration Due to Alcohol Consumption
- Understanding the Concept of Obesity
- Lu Shiow-yen's Challenging Position as Chair of the Chinese Nationalist Party (KMT) Under Scrutiny in Donovan's Analysis
- Tough choices on August 13, 2025 for those born under Aquarius? Consider the advantages and disadvantages to gain guidance
